Rs 2,438 crore Aarudhra gold scam: Madras HC refuses bail to accused
The judge refused to grant bail noting that there was no change of circumstances and that the investigation is at a crucial stage.
Madras High Court
CHENNAI: The Madras High Court refused to grant bail to S Sasikumar, one of the accused in Aarudhra gold trading scam.
Justice CV Karthikeyan heard the bail petition moved by Sasikumar under the medical grounds.
However, the judge refused to grant bail as there is no change of circumstances and the further investigation is at the crucial stage.
The counsel for the accused submitted that his client is incarcerated for more than 300 days and he his having medical complications.
It was also submitted that the petitioner is co-operating with the investigation and he has attended 20 inquires, with the information of the petitioner the investigation agency was able to collect several documents, said the counsel. The petitioner is not a branch manager of Aarudhra as alleged by the Police, he is only a collection agent and all his properties were seized, said the counsel.
Considering various Courts also had granted bail to some of the accused, the counsel sought bail to the petitioner.
The State objected to the bail petition and submitted that the further investigation is underway, if the petitioner is set at liberty he may tamper the evidence, said the government advocate.
The petitioner was the Thiruvallur branch manager of Aarudhra and collected Rs.142 crore from more than 12 thousands depositors with the promise of high returns and cheated their money, said the advocate. Further, the petitioner also transferred huge amount of money to prime accused through his bank account, considering the gravity of the crime, the State sought to dismiss the bail petition.
It was also submitted that the prime accused Rajasekhar was intercepted in Dubai and the State is taking steps to bring him India for investigation.
The Economic Offences Wing (EOW) had registered a case against the directors of the Aarudhra gold trading firm, through which the persons involved had cheated more than one lakh depositors and swindled about Rs 2,438 crores promising huge interest on their investments.